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Cloud computing concept helped organizations to save significant cost savings and providing flexible services for business expansion within a short duration. Cloud technology has several advances when compared with physical hosting of applications. In this paper, the concept of cloud computing, cloud architecture and components, market potential and strategy, application to various industries and relevant business focuses areas were explained. Further a brief study on various cloud service providers and their current positioning in offering various services were reviewed. Future direction for the cloud service providers and their contributions to the industry were examined.
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